they previously boasted that they were a low cost producer. Then there was a weak explanstion that the cost of electricity and the accounting cost of the stockpiled ore had to be factored into the cost of production.

This is now a matter of no consequence! the only value to consider is 1 IGR to 6.28 SLR. . lets be thankful that the business will be driven foward by Les Davis and co as from December. This will be a company worth owning.

At this stage I do not give a rat's about Jun 2013. It is the current quarter that concers me.They have put on public record their Cash on hand & expected cash outlay. What we need is a better estimate of their expected income.

I susspect the only thing holding their SP up at the moment is the codec ratio to SLR, oh and Mr E. Wave. Who is still expecting the 5th wave up to complete.

--------------------

I do not give advice as I am not qualified to. I share my own thoughts. Please do your own research. Stay Alert to Change: Who moved my cheese? Regards,Malfrey

This quarter their base costs $36.2m next quarter forecast 23m - what did they do this last quarter that they are not doing next - 16m extra to bottom line IMO.I could be wrong - come back if you know why the big discrepency

--------------------

"Go ye therefore into yon wilderness, and seek out that Golden rock, upon which all nations are built"

Last 3 months Income from Production $22,562,000Expected Cash out in next 3 months $23,584,000Cash on hand $10,420,00

Hi malfrey--its little wonder IGR is no cash cow since the Q report shows cash cost of production has been $A1146, with gold sales averaging $A1494. To put it simply to my way of thinking a gross margin of $A348 charts a quick course to extinction, going to have a look at my gold stock watch list over the weekened, there are much better --- and very profitable gold producers especially in this highly volatile Forex market.